PR059/25
14 August 2025
The MTR Corporation announced its 2025 Interim Results today (14 August 2025). The Corporation recorded a net profit of HK$7.7 billion in the first half of the year, which includes recurrent profits from the transportation, property leasing and other businesses, as well as one-off bookings of profit from property developments. The Corporation is advancing the financial planning and construction works for new railway projects with an investment exceeding HK$100 billion. Through building railways and growing communities, the Corporation is shaping the city's future while creating value for stakeholders.
New railway projects including the Tung Chung Line Extension, Tuen Mun South Extension, Oyster Bay Station and Hung Shui Kiu Station on the Tuen Ma Line are all making steady progress. In the Northern Metropolis, construction of Kwu Tung Station on the East Rail Line is in full swing. Following the signing of Northern Link (Part One) Project Agreement with the government, the Corporation is taking forward parts of the Main Line, while also advancing the detailed design and planning of the Spur Line to maximise synergies, with both Main Line and Spur Line targeted for commissioning by 2034.
These projects involve a total investment of approximately HK$140 billion, with about HK$20 billion already having been spent. The Corporation continues to adopt a robust and forward-looking financial strategy, leveraging a range of fundraising options to meet its cashflow needs. Both the issuance of US$3 billion of public senior notes (including a large tranche with 30-year maturity) and US$3 billion of subordinated perpetual securities this year received overwhelming responses from investors, reflecting market confidence in the Corporation's businesses and outlook.
The "Rail plus Property" development model enables the Corporation to channel the economic benefits generated from the property development into railway projects. This supports the substantial expenses of on-going railway operations, maintenance and asset upgrades, helping to maintain safe and reliable railway services. Subject to the construction and sales progress, the Corporation expects to book property development profits from THE SOUTHSIDE Package 5 and LOHAS Park Package 12 in the second half of the year.
For MTR's railway services, the total patronage in Hong Kong exceeded 960 million in the first half of 2025. Closer integration between Hong Kong and Mainland China has led to increased ridership on High Speed Rail and cross-boundary railway services during the period. Leveraging its extensive experience in Hong Kong, the Corporation continues to expand its Mainland China and international businesses, while actively exploring new opportunities. The Corporation has also signed an agreement to invest in CRRC Guangdong Co., Ltd., further exploring opportunities along the railway value chain in Mainland China and overseas, and continue to advance station commercial business in Mainland China.
The Corporation continues to drive innovative technologies across its businesses, collaborating with government departments, academic and research institutes to foster industry-academia-research-investment partnerships and co-build a vibrant innovation ecosystem. To advance the development of "Smart Railway", the Corporation is applying big data analytics and artificial intelligence to railway construction, operations and maintenance. Supporting the Government's framework of low-altitude economy, the Corporation is also exploring the use of drones for tunnel inspections, unlocking new potential for railway operations and maintenance.
"MTR is entering a major phase of railway investment and construction. Our new railway projects will drive growth across our diverse businesses, support the sustainable development of both the company and Hong Kong, and create long-term value for the community, shareholders and stakeholders. By leveraging our extensive railway experience and introducing new technologies, we will not only remain the backbone of the city's public transport but also continue to enhance our services to customers. Our diversified businesses enhance our overall resilience, enabling us to adapt to the new normal with agility. We will adhere to the 'Think ahead, Stay ahead' principle to expand our business steadily and move towards new milestones," said Dr Jacob Kam, Chief Executive Officer of MTR Corporation.
The MTR Board has declared an interim ordinary dividend of HK$0.42 per share. (Please refer to the appendix for the 2025 Interim Results announcement.)
Looking ahead, the Corporation will continue to advance new railway projects and harness innovation across its businesses, building and connecting communities through smart and sustainable railway solutions - shaping the future of Hong Kong to "Go Beyond Boundaries".
About MTR Corporation
To Keep Cities Moving, MTR makes encounters happen and rendezvous for a more connected tomorrow. As a recognised world-class operator of sustainable rail transport services, we are a leader in safety, reliability, customer service and efficiency.
MTR has extensive end-to-end railway expertise with over 45 years of railway projects experience from design to planning and construction through to commissioning, maintenance and operations. Going beyond railway delivery and operation, MTR also creates and manages dynamic communities around its network through seamless integration of rail, commercial and property development.
With more than 50,000 dedicated staff*, MTR carries over 10 million passenger journeys worldwide every weekday in Hong Kong, Mainland China and beyond. Together, we Go Smart and Go Beyond.
For more information about MTR Corporation, please visit www.mtr.com.hk.
*includes our subsidiaries, associates and joint ventures in Hong Kong and worldwide
HIGHLIGHTS
Hong Kong Businesses
- Hong Kong transport operations recorded steady revenue growth driven by increase in patronage from Cross-boundary and High Speed Rail (Hong Kong Section) services
- Train service delivery and passenger journeys on-time for heavy rail maintained at 99.9% world-class level
- Hong Kong property development profit of HK$5.5 billion mainly derived from Ho Man Tin Station packages 1 and 2 and THE SOUTHSIDE packages 3 and 5
- Project Agreement with the Government for Northern Link Project - Part 1 signed
Mainland China and International Businesses
- Southwest section of Sydney Metro M1 Metro North West & Bankstown Line, other sections of Shenzhen Metro Line 13 and middle section of Beijing Metro Line 17 continued to progress
- Operational handover to the next operators for UK Elizabeth Line and South Western Railway
completed in May 2025
- Station commercial businesses in Chengdu, Zhengzhou and Xi'an are under development
Outlook
- With the successful issuance of US$3 billion public senior notes (including a US$1.5 billion 30-year tranche) and US$3 billion dual-tranche corporate subordinated perpetual securities, we continue to move prudently but confidently into the second half of the year, fully intent on helping Hong Kong achieve its aspirations for sustainable future growth. We are also looking forward to extending our quality railway network development via the many current initiatives under RDS 2014 and the Hong Kong Major Transport Infrastructure Development Blueprint
- Although patronage has been steadily climbing since the pandemic, the success of our railway operations remains dependent to some extent on the health of the local and regional economies
- Subject to the progress of construction and sales, we expect to book property development profit from LOHAS Park Package 12 and to continue to book profit from THE SOUTHSIDE Package 5
- Depending on market conditions, we anticipate the possible tender of Tung Chung East Station
Package 2 and Tuen Mun A16 Station Package 1 in the coming 12 months or so
The Directors of the Company announce the unaudited interim results of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2025 as follows:
Notes:
1. REVIEW OF INTERIM FINANCIAL REPORT
The interim results set out in this preliminary announcement do not constitute the Group's interim financial report for the six months ended 30 June 2025 but are extracted from that interim financial report.
The interim financial report for the six months ended 30 June 2025 is unaudited, but has been reviewed by the Company's auditor, KPMG, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The unmodified review report of KPMG is included in the interim report to be sent to shareholders. The interim financial report has also been reviewed by the Company's Audit & Risk Committee.
2. BASIS OF PREPARATION
This preliminary announcement of the Company's interim results has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial information relating to the financial year ended 31 December 2024 that is included in this preliminary announcement of the interim results as comparative information does not constitute the Company's statutory annual consolidated financial statements for that financial year but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows:
The Company's auditor has reported on the consolidated financial statements for the year ended 31 December 2024. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance.
The 2025 unaudited interim financial report should be read in conjunction with the 2024 annual financial statements.
The HKICPA has issued a number of amendments to HKFRS Accounting Standards that are first effective for the current accounting period of the Group. None of these have had a material effect on the Group's results and financial position for the current or prior periods have been prepared or presented in the interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
Except for the new accounting policy for perpetual capital securities as disclosed in note 12, the accounting policies adopted for the preparation of the interim financial report are the same as those adopted in the preparation of the 2024 annual financial statements.
For more information, please visit http://doc.irasia.com/listco/hk/mtr/interim/2025/intpress.pdf.
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